California Oil Spill is a “Tempest in a Teapot,” Oil Economist Says

California is in emergency mode to reign in a 25-mile oil slick, after an estimated 3,000 barrels, or 126,000 gallons, of post-production crude was spilled in the Pacific Ocean off the coast of Orange County. Though the situation is still on-going, authorities suspect a ship’s anchor may be to blame, cutting into an off-shore pipeline.

As emergency response teams work to clean up the spill, and the situation dominos into conversations around banning off-shore drilling, critiques of oil companies’ response speed, beach closures and ecological harm mitigation, we wanted to get the financial perspective on this spill. Compared to more notable and considerably larger spills, like Deepwater Horizon’s in 2010, will this spill have any impact on oil prices and the market at-large?

MarketScale reporter, Justin Honore, spoke with Chief Economist at Matador Economics, Tim Snyder, on how he would weigh the PR challenge vs. the ecological impact of this oil spill.

Follow us on social media for the latest updates in B2B!


mastercard emv magstripe
How Card Issuers and Merchants Maneuvered One Year of Mastercard’s Magstripe Phase Out
August 13, 2022
Coming up on one year from the official announcement, retailers and card issuers rejoiced at Mastercard’s announcement that by 2024, issuers will no longer be required to use magnetic stripes on their Read more
DeLorean is Back…Actually They Never Left Us!
August 12, 2022
The forthcoming debut of the latest DeLorean iteration is discussed on the latest episode of “Are We There Yet?”. Host Grant Harrell talked with the automaker’s Chief Marketing Officer, Troy Beetz, Read more
How Teach for America Brings Diversity in Education to Houston Schools
August 12, 2022
Teach for America has been a cornerstone in creating more educators for the nation. The nonprofit founded in 1989 operates in more than two dozen regions across the country and introduces commitment Read more